Brazil: Sugar price hike this Monday (23) loses strength and prices remain practically stable in NY

Published 2024년 12월 23일

Tridge summary

Sugar prices are experiencing mixed fluctuations but overall remaining stable at their lowest level in three months due to a decrease in harvest and crushing pace in Brazil, which may lead to increased production for next year. This, along with expectations of strong sugarcane harvests in India and Thailand, is contributing to the downward trend in the market. The March/25 contract on the New York Stock Exchange fell slightly, while the May/25 and July/25 contracts saw slight increases. On the London Stock Exchange, the March/25 and May/25 contracts fell slightly, while the August/25 contract remained stable and the October/25 contract fell significantly.

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Original content

Sugar prices are showing mixed variations and close to stability on Monday afternoon (23). Thus, prices remain at the lowest levels in the last three months, after a sequence of declines that began two weeks ago and gained more momentum last week. Jack Scovile, an analyst at Price Futures Group, says that the current rains in Brazil have kept the harvest and the crushing pace low, but may boost production for next year. With this, he points out that trends are downward in both markets on the daily and weekly charts. In addition, he highlights that Indian and Thai mills are expecting strong sugarcane harvests. At around 12:30 pm (Brasília time), on the New York Stock Exchange (ICE Futures), the March/25 contract was down 0.01 cent, trading at 19.50 cents/lbp. May/25 was up slightly 0.04 cent, quoted at 18.09 cents/lbp. July/25 advanced 0.07 cents, trading at 17.67 cents/lbp, while October/25 rose 0.07 cents, ...

Source: NoticiasAgricolas